Aussie energy retailer TPC agrees sale to Wollar Solar

Australian electricity and gas retailer TPC Consolidated Limited (ASX:TPC) has agreed to be acquitted by clean energy projects developer Wollar Solar Holding Pty Ltd (WSH) in a deal giving the target business a total equity value of about AUD 100 million (USD 65.0m/EUR 60.2m).

TPC owns and operates Australian electricity and gas retailer CovaU which offers its clients a wide range of products, from conventional gas and electricity through to solar, wind and green power plants. The Sydney-based firm is currently looking to expand CovaU’s market presence with additions to its current suite of renewables segment-related energy products.

Under the terms of the deal, which has been unanimously recommended by the TPC board, shareholders of the target company will be entitled to exchange each share held for AUD 8.77 apiece in cash. The overall consideration could reach AUD 15.82 per TPC share, including a special dividend and/or return of capital of up to AUD 2.64 per unit and an AUD-4.41 per share earn-out payable upon certain performance-related milestones are achieved.

Shares in TPC closed 38.3% higher at AUD 11.07 on the news in Sydney on Tuesday.

The transaction hinges on shareholder approvals and regulatory clearances.

WSH is a unit of Beijing Energy International (Australia) Holding Pty Ltd, which is a subsidiary of Beijing Energy International Holding Co Ltd (BJEI Holding). The entity was set up in 2021 to build and operate a portfolio of clean energy projects across Australia.

(AUD 1 = USD 0.651/EUR 0.602)

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